OPTIONS: Larger FX Option Pipeline
Nov-27 16:50
- EUR/USD: Dec01 $1.1525(E2.4bln), $1.1600(E1.2bln), $1.1795(E1.5bln); Dec02 $1.1560(E1.1bln)
- USD/JPY: Dec02 Y155.00($2.3bln)
- USD/CAD: Dec01 C$1.4025-30($1.1bln)
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FED: US TSY 7Y AUCTION: NON-COMP BIDS $45 MLN FROM $44.000 BLN TOTAL
Oct-28 16:45
- US TSY 7Y AUCTION: NON-COMP BIDS $45 MLN FROM $44.000 BLN TOTAL
US TSYS/SUPPLY: Preview 7Y Note Auction
Oct-28 16:42
In the final nominal coupon auction of the month, Treasury comes to market at 1300ET to sell $44B of 7-Year Note (CUSIP: 91282CPF2)
- The 7-Year auction which concluded September was the weakest of all Treasury auctions of the month per MNI's relative strength index. It saw a second consecutive 0.5bp tail (3.953% high yield on 3.948% when-issued yield), with the 12.0% primary dealer take-up above August’s 9.8% and July’s record low 4.1%.
- The bid-cover of 2.40x was the lowest since March 2023.
- The last two auction tails followed 3 trade-throughs.
- Compared with September, the when-issued yield of 3.79% represents a clear richening; on the curve, 7s look a little cheaper, with the 5s-7s-10s fly at -4.45bp, vs -5.4bp on the close of the day of the 7Y September auction.
- The 5-auction average has seen an average 0.8bp trade-through, with 2.58x bid-cover, 8.5% primary dealer takeup/ 68.9% indirects/ 22.7% directs. See table below for stats.
| High yield | When-issued yield | Trade through (tail) | High - Median Spread | Bid-to-cover | Primary Dealer Percent | Indirect Percent | Direct Percent | Offering Amount | CUSIP | |
| 5 auction avg | 4.037% | 4.046% | 0.8 | 5.2 | 2.58 | 8.47% | 68.88% | 22.66% | 44 | |
| 25-Sep-25 | 3.953% | 3.948% | -0.5 | 5.8 | 2.40 | 12.00% | 56.42% | 31.58% | 44 | 91282CNZ0 |
| 28-Aug-25 | 3.925% | 3.920% | -0.5 | 5.5 | 2.49 | 9.79% | 77.45% | 12.77% | 44 | 91282CNW7 |
| 29-Jul-25 | 4.092% | 4.120% | 2.8 | 3.5 | 2.79 | 4.06% | 62.26% | 33.68% | 44 | 91282CNR8 |
| 26-Jun-25 | 4.022% | 4.024% | 0.2 | 6.2 | 2.53 | 11.64% | 76.74% | 11.62% | 44 | 91282CNJ6 |
| 29-May-25 | 4.194% | 4.216% | 2.2 | 5.0 | 2.69 | 4.85% | 71.52% | 23.64% | 44 | 91282CNF4 |
ECB: Deputy Governor Kaasik To Replace Muller As Head Of Estonian CB
Oct-28 16:38
"*ESTONIAN CENTRAL BANK PICKS KAASIK AS GOVERNOR FROM JUNE 2026" Bloomberg
Kaasik is the current Deputy Governor of the Estonian Central Bank.
- He has been at the Estonian Central Bank since 1999, save for a 2-year stint as an economic adviser to the Estonian PM in 2003-2005
- He will replace Madis Muller, whose term ends in June 2026. Muller is generally seen as one of the more hawkish ECB Governing Council members.
